Best & Worst Places to Rent in America

Adam McCann, WalletHub Financial WriterJul 13, 2022

Adam McCann, WalletHub Financial Writer
Jul 13, 2022

Homeownership isn’t for everyone. Roughly 44 million American households have opted to rent rather than buy their homes because of convenience, cost or both. But renting isn’t always a cheaper or better alternative to owning a property. The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing.

As vaccination against COVID-19 has allowed states to reopen, rental prices have risen significantly. During 2021, they grew at almost double the rate of any previous year. Meanwhile, mortgage rates are also rising at the fastest rate in over a decade. Like home prices, however, rental rates can vary significantly by region, state or city. And in some places, renting will prove to be more cost-effective and a better overall value than owning.

To determine where renters can get the most bang for their buck, WalletHub compared more than 180 rental markets based on 22 key measures of rental attractiveness and quality of life. Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.

Table of Contents

Main Findings

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Best Places to Rent

Overall Rank	City	Total Score	Rental Market & Affordability	Quality of Life
1	Columbia, MD	60.04	11	5
2	Overland Park, KS	59.58	9	12
3	Sioux Falls, SD	57.02	3	110
4	Bismarck, ND	56.31	1	152
5	Lincoln, NE	55.90	10	47
6	Chandler, AZ	55.80	31	16
7	Scottsdale, AZ	55.75	45	3
8	Gilbert, AZ	55.54	28	20
9	El Paso, TX	55.24	42	9
10	Casper, WY	54.84	2	150
11	Cedar Rapids, IA	54.56	6	86
12	Fargo, ND	54.55	4	134
13	Cheyenne, WY	54.36	5	133
14	San Francisco, CA	54.05	50	9
15	South Burlington, VT	53.41	29	34
16	Juneau, AK	53.15	14	79
17	Plano, TX	53.01	53	15
18	Raleigh, NC	52.98	20	58
19	Peoria, AZ	52.75	32	35
20	San Jose, CA	52.65	87	4
21	Laredo, TX	52.35	77	8
22	Fremont, CA	52.27	86	7
23	Omaha, NE	52.08	16	80
24	Madison, WI	50.86	44	49
25	Irvine, CA	50.24	130	6
26	Brownsville, TX	49.98	58	32
27	Austin, TX	49.78	78	29
28	Portland, ME	49.69	137	1
29	Tucson, AZ	49.64	64	36
30	Glendale, AZ	49.55	67	38
31	Durham, NC	49.37	21	99
32	Chesapeake, VA	49.20	18	109
33	Henderson, NV	49.04	65	46
34	Des Moines, IA	49.03	22	106
35	Lewiston, ME	48.98	70	37
36	Grand Prairie, TX	48.95	73	33
37	Virginia Beach, VA	48.92	43	70
38	Yonkers, NY	48.91	82	30
39	Mesa, AZ	48.87	66	45
40	Nashua, NH	48.61	106	23
41	Las Cruces, NM	48.44	34	91
42	Huntsville, AL	47.99	25	116
43	Boise, ID	47.85	121	28
44	Rapid City, SD	47.65	13	156
45	Charleston, WV	47.34	24	125
46	Amarillo, TX	46.85	23	147
47	Phoenix, AZ	46.84	76	59
48	Seattle, WA	46.81	75	60
49	Tampa, FL	46.64	141	17
50	Warwick, RI	46.50	135	25
51	Charlotte, NC	46.41	35	115
52	Orlando, FL	46.39	143	21
53	Fort Worth, TX	46.32	54	82
54	Irving, TX	46.24	62	77
55	Newport News, VA	46.06	33	128
56	West Valley City, UT	46.03	84	65
57	Norfolk, VA	46.00	51	89
58	Albuquerque, NM	45.89	39	114
59	Winston-Salem, NC	45.85	30	140
60	Huntington Beach, CA	45.82	151	14
61	Oklahoma City, OK	45.67	37	120
62	San Diego, CA	45.65	171	2
63	Washington, DC	45.62	69	81
64	Tempe, AZ	45.60	79	74
65	Kansas City, MO	45.55	26	143
66	Arlington, TX	45.43	83	75
67	Anchorage, AK	45.40	12	168
68	Santa Clarita, CA	45.29	146	19
69	Wichita, KS	45.27	7	175
70	Billings, MT	45.21	15	174
71	Santa Rosa, CA	45.15	150	18
72	Mobile, AL	45.14	19	164
73	Bakersfield, CA	45.11	48	102
74	Little Rock, AR	44.99	17	173
75	Aurora, IL	44.94	97	67
76	Rochester, NY	44.91	61	97
77	Pittsburgh, PA	44.90	100	69
78	Denver, CO	44.88	81	83
79	Miami, FL	44.77	167	11
80	San Antonio, TX	44.74	112	61
81	Las Vegas, NV	44.55	115	62
82	Lexington-Fayette, KY	44.55	46	119
83	Burlington, VT	44.44	63	101
84	Reno, NV	44.36	131	54
85	St. Petersburg, FL	44.26	138	44
86	Fort Smith, AR	44.01	8	177
87	Charleston, SC	43.88	119	64
88	Garland, TX	43.72	128	63
89	Manchester, NH	43.67	114	73
90	Honolulu, HI	43.64	136	55
91	Pembroke Pines, FL	43.62	168	13
92	Jacksonville, FL	43.60	134	56
93	Columbia, SC	43.54	57	117
94	Jersey City, NJ	43.31	93	90
95	Grand Rapids, MI	43.30	55	121
96	Dallas, TX	43.08	94	92
97	Columbus, OH	42.97	71	113
98	Salt Lake City, UT	42.80	85	105
99	Minneapolis, MN	42.70	88	103
100	St. Louis, MO	42.53	41	153
101	Sacramento, CA	42.43	164	31
102	Indianapolis, IN	42.42	36	160
103	Anaheim, CA	42.38	161	39
104	Dover, DE	42.32	40	162
105	Greensboro, NC	42.31	52	144
106	Tulsa, OK	42.31	56	136
107	Buffalo, NY	42.26	68	129
108	Atlanta, GA	42.19	125	85
109	Chicago, IL	42.16	110	94
110	Glendale, CA	41.90	172	22
111	Port St. Lucie, FL	41.84	158	41
112	Chula Vista, CA	41.83	163	40
113	Fresno, CA	41.61	123	93
114	Fort Wayne, IN	41.51	60	148
115	Cincinnati, OH	41.51	120	98
116	Birmingham, AL	41.43	38	165
117	Missoula, MT	41.42	72	137
118	Colorado Springs, CO	41.42	109	104
119	Cape Coral, FL	41.39	157	48
120	Spokane, WA	41.37	105	111
121	Long Beach, CA	41.20	162	52
122	Garden Grove, CA	41.16	173	26
123	Fayetteville, NC	41.06	49	161
124	Los Angeles, CA	40.82	166	51
125	Salem, OR	40.71	99	123
126	Portland, OR	40.71	144	76
127	Corpus Christi, TX	40.52	96	130
128	Baltimore, MD	40.45	47	163
129	Bridgeport, CT	40.37	165	43
130	New York, NY	40.37	174	42
131	Hialeah, FL	40.34	181	24
132	Fontana, CA	40.32	147	72
133	Louisville, KY	40.29	74	149
134	Knoxville, TN	40.21	98	135
135	Nashville, TN	40.17	89	141
136	Oakland, CA	40.13	129	107
137	North Las Vegas, NV	40.13	113	118
138	Pearl City, HI	39.78	153	68
139	St. Paul, MN	39.77	111	126
140	Fort Lauderdale, FL	39.67	159	66
141	New Haven, CT	39.61	156	71
142	Boston, MA	39.53	148	87
143	Worcester, MA	39.40	139	100
144	Springfield, MO	39.37	27	181
145	Providence, RI	39.31	149	84
146	Aurora, CO	39.29	108	138
147	Santa Ana, CA	39.15	177	53
148	Montgomery, AL	39.08	59	170
149	Tacoma, WA	38.95	126	131
150	Rancho Cucamonga, CA	38.92	178	50
151	Houston, TX	38.79	127	132
152	Newark, NJ	38.74	117	142
153	Oxnard, CA	38.70	170	57
154	Riverside, CA	38.57	155	88
155	Gulfport, MS	38.50	90	158
156	Stockton, CA	38.47	132	124
157	Milwaukee, WI	38.37	102	151
158	Richmond, VA	38.34	80	167
159	Oceanside, CA	38.07	182	27
160	Lubbock, TX	38.01	101	155
161	Huntington, WV	37.80	103	159
162	Toledo, OH	37.77	107	154
163	Modesto, CA	37.65	145	112
164	Wilmington, DE	37.53	133	139
165	Philadelphia, PA	37.53	140	127
166	Tallahassee, FL	37.47	152	108
167	Akron, OH	37.21	116	157
168	Nampa, ID	37.18	142	122
169	Chattanooga, TN	36.96	91	172
170	Baton Rouge, LA	35.43	118	169
171	Jackson, MS	35.26	124	171
172	Moreno Valley, CA	35.24	175	95
173	Augusta, GA	35.22	95	179
174	Ontario, CA	34.98	180	78
175	Vancouver, WA	34.80	179	96
176	Shreveport, LA	34.32	92	180
177	Columbus, GA	33.67	122	176
178	New Orleans, LA	33.16	169	145
179	Cleveland, OH	32.45	154	166
180	San Bernardino, CA	32.29	176	146
181	Memphis, TN	31.70	104	182
182	Detroit, MI	27.95	160	178

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that city, where a rank of 1 represents the best conditions for that metric category.

Affordable Rentals

Most

Most
1. Cheyenne, WY
2. Bismarck, ND
3. Cedar Rapids, IA
4. Sioux Falls, SD
5. Overland Park, KS

Least

Least
T-178. Detroit, MI
T-178. New Haven, CT
T-178. Miami, FL
T-178. Newark, NJ
T-178. Hialeah, FL

Rental Vacancy Rate

Highest

Highest
1. Little Rock, AR
2. Casper, WY
3. Augusta, GA
4. Amarillo, TX
5. Charleston, WV

Lowest

Lowest
T-178. Warwick, RI
T-178. Santa Ana, CA
180. Hialeah, FL
T-181. Nashua, NH
T-181. South Burlington, VT

Rent-to-Price Ratio

Lowest

Lowest
1. Cheyenne, WY
2. Casper, WY
3. Bakersfield, CA
4. San Jose, CA
5. Fremont, CA

Highest

Highest
176. Birmingham, AL
177. Huntington, WV
T-178. Detroit, MI
T-178. Cleveland, OH
T-178. Rochester, NY

Cost of Living

Lowest

Lowest
1. Brownsville, TX
2. Jackson, MS
3. Laredo, TX
4. Amarillo, TX
5. Fort Smith, AR

Highest

Highest
T-165. San Jose, CA
T-165. Pearl City, HI
T-165. Honolulu, HI
T-165. San Francisco, CA
T-165. New York, NY

Safe

Most

Most
1. Port St. Lucie, FL
2. Nashua, NH
3. Santa Clarita, CA
4. Gilbert, AZ
5. Warwick, RI

Least

Least
174. Chattanooga, TN
175. Memphis, TN
176. St. Louis, MO
T-177. Birmingham, AL
T-177. Springfield, MO

Ask the Experts

Finding a suitable rental unit is a similar process to buying a home. Your search may be based purely on cost or also on needs, such as the number of bedrooms or close proximity to work. For guidance, we asked a panel of experts to share their thoughts on the following key questions:

What tips do you have for a person looking to get the best value in an apartment?
What are the most common mistakes that renters make when searching for a new apartment?
In evaluating the best and worst cities for renters, what are the top five indicators?
Are the fastest growing cities a good place for renters? Why?
How can local policymakers make housing more affordable for renters without upsetting homeowners?

Ask the Experts

James Refalo
Ph.D. – Professor, Department of Finance and Law, College of Business & Economics – California State University, Los Angeles
Read More

Andra Ghent
Professor of Finance and Ivory-Boyer Chair in Real Estate, David Eccles School of Business – University of Utah
Read More

Peter Smirniotopoulos
Founder & Principal, petersgroup consulting; Design principal, peters studio design/build and Graduate Professor of Real Estate Development and Finance, and Urbanism – George Washington University
Read More

David Fiorenza
Assistant Professor of the Practice, Urban Economics and Public Sector Economics, College of Liberal Arts and Sciences – Villanova University
Read More

Tatiana A. Vdovina
Finance Ph.D. Candidate, Olin Business School, Washington University in St. Louis
Read More

Jenny Schuetz
Senior Fellow - Brookings Metro, Future of the Middle Class Initiative – The Brookings Institution
Read More

More Experts

Methodology

In order to determine the best local rental markets, WalletHub compared 182 cities — including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state — across two key dimensions, “Rental Market & Affordability” and “Quality of Life.”

We evaluated those dimensions using 22 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for renters. Data for metrics marked with an asterisk (*) were available at the state level only.

Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample. Our sample considers only the city proper in each case and excludes cities in the surrounding metro area.

Rental Market & Affordability – Total Points: 60

Share of Renters: Full Weight (~3.24 Points)
Note: This metric specifically measures the share of renter occupied housing units among total occupied housing units.
Rental Vacancy Rate: Full Weight (~3.24 Points)
Sublet Laws-Friendliness*: Full Weight (~3.24 Points)
Average Home Square Footage: Half Weight (~1.62 Points)
Share of Newer Homes: Full Weight (~3.24 Points)
Note: “Newer Homes” include housing units built between 2010 and 2020.
Rental Affordability: Triple Weight (~9.73 Points)
Note: This metric was calculated as follows: Median Gross Rent / Median Annual Household Income.
Share of Apartment Community Pillar Listings: Full Weight (~3.24 Points)
Note: A Community Pillar landlord has agreed to relax their standard tenant screening process in order to help applicants with potential rental barriers—such as low incomes, spotty credit scores, unemployment, or lack of housing references—be able to obtain housing.
Historical Rental-Price Changes: Triple Weight (~9.73 Points)
Note: This metric specifically measures the year-over-year change in rent prices (2022 vs. 2021 vs. 2020).
Share of Severely Cost-Burdened Renter Households: Full Weight (~3.24 Points)
Note: “Severely Cost-Burdened Renter Households,” as defined by the U.S. Department of Housing and Urban Development, refers to consumers who spend at least 50 percent of their income on housing.
Average Annual Renters-Insurance Premium*: Full Weight (~3.24 Points)
Rent-to-Price Ratio: Full Weight (~3.24 Points)
Cost of Living: Triple Weight (~9.73 Points)
Security-Deposit Limit*: Full Weight (~3.24 Points)
Note: This metric measures the maximum security-deposit amount that landlords are allowed to charge in the state. A lower amount is ideal for renters.

Quality of Life – Total Points: 40

City Satisfaction Index: Full Weight (~4.00 Points)
Note: This metric is based on Sharecare’s Well-Being “Community” Index Score, and refers to residents liking where they live, feeling safe and having pride in their community.
Job Market: Full Weight (~4.00 Points)
Note: This metric is based on WalletHub’s “Best & Worst Cities for Jobs” ranking.
Driver-Friendliness: Half Weight (~2.00 Points)
Note: This metric is based on WalletHub’s “Best & Worst Cities to Drive in” ranking.
Recreation-Friendliness: Full Weight (~4.00 Points)
Note: This metric is based on WalletHub’s “Best & Worst Cities for Recreation” ranking.
Weather: Half Weight (~2.00 Points)
Note: This metric is based on WalletHub’s “Cities with the Best & Worst Weather” ranking.
Quality of Public School System: Half Weight (~2.00 Points)
Note: This metric is based on GreatSchools.org’s ratings of U.S. public schools.
Safety: Double Weight (~8.00 Points)
Note: This metric measures the violent- and property-crime rates.
Presence of State Bedbug Laws*: Half Weight (~2.00 Points)
Note: This binary metric measures the presence or absence of bedbug laws in the state. Bedbug laws address bedbug infestations in rental properties.
Percentage of Residents Who Are Fully Vaccinated: Triple Weight (~12.00 Points)

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Council for Community and Economic Research, Zillow, Harvard Joint Center for Housing Studies, Insurance Information Institute, Department of Housing and Urban Development, Flex Zone, Federal Bureau of Investigation, GreatSchools.org, NOLO, National Association of REALTORS, Muller Media, Centers for Disease Control and Prevention, Sharecare-Boston University School of Public Health, and WalletHub research.

Supporting Video Files:

Questions & Answers(3 questions)

Are the raw metrics for Quality of Life (scores in each of the categories) available somewhere?

Upvotes

How do u explain San Francisco at a high #14? That’s just hard to believe.

Upvotes

Do you have more current data on rent inflation? One link used 2021 data. Also, resources more locally individual suburbs or zip codes?

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